Hoops boss Harry Redknapp confirmed today that he is interested in signing the Chilean international, and that the club are in negotiations with the 24-year-old.

The former Tottenham boss said: "Vargas is a quality player.

“He is sharp, he is bright.

“He can play up front, he can play as a No 10. I liked him in the World Cup and he's someone we've been following for a while. So we're hoping it's a possibility that we can bring him in.

DEAL CLOSE: Harry Redknapp has confirmed that he is close to signing the Chilean international [GETTY]

“It’s not done yet, but hopefully it is going to be done”

Harry Redknapp

"We've had reports on him for quite a while. One of our scouts who lives abroad has been following him for years now.

“It’s not done yet, but hopefully it is going to be done."

The news of Vargas' impending move to Loftus Road will come as a huge blow to Arsenal.

Reports yesterday suggested that the Gunners were closing in on the former Cobreloa ace, and that deal could be announced on Wednesday.

But it seems that Harry Redknapp has beaten his former north London rivals to the signing of the Napoli hit-man, and that the Chilean intenational will be playing his football at Loftus Road this season.